Oil steadies as OPEC is likely to keep output cuts, Iran tension rises [CNBC]
GE Aerospace (GE)
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Source: CNBC
Oil steadied on Monday after hitting multi-week highs, as OPEC indicated it was likely to maintain production cuts that have helped boost crude prices this year. Escalating Middle East tensions provided further support. Brent crude oil was up 3 cents at $72.24 a barrel around 8:40 a.m. ET (1240 GMT). The international benchmark for oil prices earlier touched $73.40, the highest since April 26. U.S. West Texas Intermediate crude futures were down 7 cents at $62.69 a barrel. WTI reached $63.81 earlier, the highest since May 1. Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market." United Arab Emirates Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision. OPEC data indicates oil inventories in the developed world
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